UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON,
D.C. 20549-1004
FORM
8-K
Current
Report Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
November 17,
2009
(Date of
Report (Date of Earliest Event Reported))
LA-Z-BOY
INCORPORATED
(Exact
name of registrant as specified in its charter)
|
MICHIGAN
|
1-9656
|
38-0751137
|
|
(State
or other jurisdiction of
|
(Commission
|
(IRS
Employer
|
|
incorporation)
|
File
Number)
|
Indentification
Number)
|
|
1284
North Telegraph Road, Monroe, Michigan
|
48162-3390
|
|
(Address
of principal executive offices)
|
Zip
Code
|
Registrant's
telephone number, including area code (734)
242-1444
None
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
2.02 Results of Operations and Financial Condition.
On
November 17, 2009, La-Z-Boy Incorporated issued a press release to report the
company’s financial results for the second quarter ended October 24, 2009. A
copy of the press release is attached to this current report on Form 8-K as
Exhibit 99.1. Exhibit 99.2 contains unaudited financial
data.
The
information in Item 2.02 of this report and the related exhibits (Exhibits 99.1
and 99.2) shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933 or the Exchange Act, except as
expressly set forth by specific reference in such a filing.
Item
9.01 Financial Statements and Exhibits
(d)
The following exhibits are filed or furnished as part of this
report:
|
Description
|
||
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99.1
|
Press
Release Dated November 17, 2009
|
|
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99.2
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Unaudited
financial schedules
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
|
LA-Z-BOY
INCORPORATED
|
|
|
(Registrant)
|
Date:
November 17, 2009
|
BY:
/S/ Margaret L. Mueller
|
|
|
Margaret
L. Mueller
Corporate
Controller
|
EXHIBIT
99.1
NEWS
RELEASE
Contact: Kathy
Liebmann (734)
241-2438 kathy.liebmann@la-z-boy.com
LA-Z-BOY REPORTS
SECOND-QUARTER PROFIT
MONROE,
MI. November 17, 2009—La-Z-Boy Incorporated (NYSE: LZB) today
reported its operating results for the fiscal second quarter ended October 24,
2009.
Fiscal
2010 second-quarter highlights:
|
|
·
|
Net
income was $0.11 per share, including a $0.01 per-share restructuring
charge, versus a loss in last year’s second quarter of $1.05 per share,
which included a $0.04 per-share restructuring
charge;
|
|
|
·
|
Sales
for the second quarter declined 9.4%, reflecting ongoing difficult
macroeconomic conditions;
|
|
|
·
|
The
upholstery segment posted a 10.9% operating margin on a 6% decline in
sales;
|
|
|
·
|
The
retail segment’s performance continued to improve, with the operating loss
reduced by 49%, or $5.1 million, on a 3.7% sales
decline;
|
|
|
·
|
The
company generated $22.2 million in cash from operating activities and
increased cash on its balance sheet to $59.0
million.
|
Net sales
for the second quarter were $300.7 million, down 9.4% compared with the prior
year’s second quarter. The company reported net income attributable
to La-Z-Boy Incorporated of $5.9 million, or $0.11 per share, compared with a
loss of $53.7 million, or a loss of $1.05 per share in the fiscal 2009 second
quarter. The 2010 second-quarter results include a $0.01 per share
restructuring charge, primarily related to the consolidation of the company’s
casegoods facilities and the previously announced store closures within the
company’s retail segment. La-Z-Boy Incorporated’s fiscal 2009
second-quarter results included a non-cash $0.74 per-share charge for a
valuation allowance against the company’s deferred tax assets and a $0.04
per-share restructuring charge, primarily related to the closure of the
company’s Tremonton, Utah and United Kingdom operations.
Kurt L.
Darrow, President and Chief Executive Officer of La-Z-Boy, said, “In what
continues to be a difficult macroeconomic environment, La-Z-Boy has reported
three consecutive quarters of profitability. These results
demonstrate the effectiveness of strategic initiatives implemented over the past
several years, which have improved the efficiencies of our operations, coupled
with the decisive changes made to our cost structure last fall when volumes
dropped precipitously. Today, La-Z-Boy Incorporated is operating from
a more competitive platform and, over the next 12 to 18 months, our operations
will be further strengthened by previously announced projects under
way. Additionally, we are encouraged that despite lower volumes, our
retail segment continues to make progress and has significantly reduced
year-over-year losses for each of the last four quarters.”
Darrow
continued, “We also strengthened our balance sheet this
quarter. During the period, we generated $22.2 million in cash from
operating activities and increased our cash position by over $20 million to
$59.0 million. Our cash position is $10 million higher than our total
debt outstanding. At the same time during the quarter, the
availability on our revolving line of credit increased to $87 million from $70.5
million at the end of the fiscal 2010 first quarter. Given the prevailing
cautious consumer sentiment existing in today’s macroeconomic environment, our
entire team is working to drive sales and grow the top line of our
company. With the strength of our brand and balance sheet, a network
of branded outlets that numbers almost 800 between La-Z-Boy Furniture Galleries®
stores and ComfortStudios®, and a domestic manufacturing footprint that gives us
a speed-to-market advantage for delivering custom-ordered furniture, we believe
La-Z-Boy is well positioned to emerge from this period as a stronger player in
what will be a very different industry landscape.”
Wholesale
Segments
For the
fiscal 2010 second quarter, sales in the company’s upholstery segment decreased
6.1% to $232.8 million compared with $247.9 million in the prior year’s second
quarter. On the $15.1 million decline in sales, the segment’s
operating margin increased to 10.9% from 3.4% in the prior year’s
quarter. In the casegoods segment, sales for the fiscal second
quarter were $37.3 million, down 23.0% from $48.5 million in the fiscal 2009
second quarter. The segment operated at a break-even level versus a
1.6% operating margin in last year’s second quarter.
Darrow
commented, “Despite a 6% sales decline versus a year ago, our upholstery group
posted a 10.9% operating margin, which was three times our run rate
compared with last year’s second quarter. This is a testament to the
significant changes made to our cost structure across all upholstery
operations. The majority of the contribution stems from the La-Z-Boy
branded facilities which continue to generate efficiencies through cellular
production. Going forward, as we complete the transition of our
cutting-and-sewing operations from our domestic La-Z-Boy branded facilities to
our new facility in Mexico, we expect to further improve the efficiencies of our
upholstery operation. With over 840 people working at the facility in
Mexico, the transition is going smoothly. As we initially stated,
once fully operational, we expect our move to Mexico will save us $20 million on
an annual basis. We will begin to realize some of these savings in
the fourth quarter of fiscal 2010 with the remainder flowing through to our
results over the first nine months of fiscal 2011.”
System-wide,
for the second quarter of fiscal 2010, including company-owned and
independent-licensed stores, same-store written sales, which the company tracks
as an indicator of retail activity, were down 0.6%. Total written
sales, which include new and closed stores, were down 7.5%. At the
end of the second quarter, 311 stand-alone stores comprised the La-Z-Boy
Furniture Galleries® system.
Darrow
said, “In the casegoods segment, we completed the consolidation of the
production transfer to our Hudson, NC facility after closing our North
Wilkesboro, NC plant last quarter. The transition to Hudson went
smoothly and without service delays to our customers. The North
Wilkesboro facility will be converted to a finished-goods warehouse when we
vacate a leased warehouse operation in Statesville, NC in the first half of
calendar 2010. These changes, once fully completed, are
expected to result in annual cost savings of approximately $5 to $6 million,
based on current volume. We expect to realize over one third of the
annual savings in the second half of this fiscal year. The operating
margin in the casegoods segment was negatively impacted during the quarter by
the significant reduction of volume in the segment. As we have said
in the past, higher ticket categories, including bedroom and dining room, tend
to be more challenged at retail in an environment where consumers are delaying
significant discretionary purchases.
“In our
youth business, we had a very successful introduction at the October High Point
Furniture Market of a new line of furniture licensed with
Nickelodeon. It was very well received by dealers and, based on
feedback and written orders, we believe the line has great
potential.”
Retail
For the
quarter, retail sales were $38.0 million, down 3.7% compared with the prior-year
period. The retail group posted an operating loss of $5.3 million for
the quarter, and its operating margin was (13.9%). Darrow stated,
“Our retail group continues to make changes throughout its business which
enabled it to decrease its operating loss by $5.1 million in the face of a sales
decline. While we are pleased with the progress made over the course
of the past year, our team is focused on driving traffic into the stores,
building stronger relationships with the customer through various follow-up
programs, improving its close ratio and increasing the average ticket to
increase volume levels, which has been our biggest challenge over the past
year.”
Balance
Sheet
La-Z-Boy’s
debt-to-capitalization ratio was 13.2% compared with 23.4% a year ago and 13.5%
at the end of the fiscal 2010 first quarter. During the quarter, the
company generated $22.2 million of cash from operations, including a $13 million
tax refund, increased its cash position and maintained a very low debt level.
The availability under La-Z-Boy’s revolving line of credit increased by $16.5
million to $87.0 million.
Business
Outlook
Darrow
stated, “Although the magnitude of volume declines is not as great as we
experienced over the last several quarters, we remain concerned about the
overall macroeconomic environment and it is too early to predict a recovery for
our industry. We will continue to look for ways to drive sales and
operate our business in the most efficient manner possible while continuing to
make whatever changes are necessary to our business model. We will
also maintain a clear focus on our balance sheet to ensure our company has the
greatest operating flexibility in the challenging environment.”
Conference
Call
La-Z-Boy
will hold a conference call with the investment community on Wednesday, November
18, 2009, at 8:30 a.m. eastern time. The toll-free dial-in number is
877.407.0778; international callers may use 201.689.8565.
Forward-looking
Information
Any
forward-looking statements contained in this news release are based on current
information and assumptions and represent management’s best judgment at the
present time. Actual results could differ materially from those anticipated or
projected due to a number of factors. These factors include, but are not limited
to: (a) changes in consumer confidence and demographics; (b) continued economic
recession and fluctuations in our stock price; (c) changes in the real estate
and credit markets and the potential impacts on our customers and suppliers; (d)
the impact of terrorism or war; (e) continued energy and other commodity price
changes; (f) the impact of logistics on imports; (g) the impact of interest rate
and currency exchange rate changes; (h) operating factors, such as supply, labor
or distribution disruptions including changes in operating conditions, product
recalls or costs; (i) effects of restructuring actions; (j) changes
in the domestic or international regulatory environment; (k) the impact of
adopting new accounting principles; (l) the impact from natural events such as
hurricanes, earthquakes and tornadoes; (m) the ability to procure fabric rolls
and leather hides or cut and sewn fabric and leather sets domestically or
abroad; (n) those matters discussed in Item 1A of our fiscal 2009 Annual Report
and factors relating to acquisitions and other factors identified from
time-to-time in our reports filed with the Securities and Exchange Commission.
We undertake no obligation to update or revise any forward-looking statements,
either to reflect new developments or for any other reason.
Additional
Information
This news
release is just one part of La-Z-Boy’s financial disclosures and should be read
in conjunction with other information filed with the Securities and Exchange
Commission, which is available at http://www.la-z-boy.com/about/InvestorRelations/sec_filings.aspx. Investors
and others wishing to be notified of future La-Z-Boy news releases, SEC filings
and quarterly investor conference calls may sign up at:
http://www.la-z-boy.com/about/investorRelations/IR_email_alerts.aspx.
Background
Information
La-Z-Boy
Incorporated is one of the world’s leading residential furniture producers,
marketing furniture for every room of the home. The La-Z-Boy Upholstery Group
companies are Bauhaus, England and La-Z-Boy. The La-Z-Boy Casegoods Group
companies are American Drew/Lea, Hammary and Kincaid.
The
corporation’s proprietary distribution network is dedicated exclusively to
selling La-Z-Boy Incorporated products and brands, and includes 311 stand-alone
La-Z-Boy Furniture Galleries® stores and 487 independent ComfortStudios®, in
addition to in-store gallery programs at the company’s Kincaid, England and Lea
operating units. According to industry trade publication In Furniture, the La-Z-Boy
Furniture Galleries retail network is North America’s largest single-brand
furniture retailer. Additional information is available at http://www.la-z-boy.com/.
EXHIBIT
99.2
LA-Z-BOY
INCORPORATED
CONSOLIDATED
STATEMENT OF OPERATIONS
|
Second Quarter Ended
|
||||||||
|
(Unaudited, amounts in thousands, except per share
data)
|
10/24/09
|
10/25/08
|
||||||
|
Sales
|
$ | 300,707 | $ | 331,948 | ||||
|
Cost
of sales
|
||||||||
|
Cost
of goods sold
|
204,962 | 243,090 | ||||||
|
Restructuring
|
663 | 2,236 | ||||||
|
Total
cost of sales
|
205,625 | 245,326 | ||||||
|
Gross
profit
|
95,082 | 86,622 | ||||||
|
Selling,
general and administrative
|
84,697 | 101,499 | ||||||
|
Write-down
of goodwill
|
— | 408 | ||||||
|
Restructuring
|
520 | 687 | ||||||
|
Operating
income (loss)
|
9,865 | (15,972 | ) | |||||
|
Interest
expense
|
831 | 1,651 | ||||||
|
Interest
income
|
199 | 630 | ||||||
|
Other
income (expense), net
|
236 | (685 | ) | |||||
|
Earnings
(loss) before income taxes
|
9,469 | (17,678 | ) | |||||
|
Income
tax expense
|
3,762 | 36,032 | ||||||
|
Net
income (loss)
|
5,707 | (53,710 | ) | |||||
|
Net
(income) loss attributable to noncontrolling interests
|
200 | (34 | ) | |||||
|
Net
income (loss) attributable to La-Z-Boy Incorporated
|
$ | 5,907 | $ | (53,744 | ) | |||
|
Basic
average shares
|
51,527 | 51,458 | ||||||
|
Basic
net income (loss) attributable to La-Z-Boy Incorporated per
share
|
$ | 0.11 | $ | (1.05 | ) | |||
|
Diluted
average shares
|
51,755 | 51,458 | ||||||
|
Diluted
net income (loss) attributable to La-Z-Boy Incorporated per
share
|
$ | 0.11 | $ | (1.05 | ) | |||
|
Dividends
paid per share
|
$ | — | $ | 0.04 | ||||
LA-Z-BOY
INCORPORATED
CONSOLIDATED
STATEMENT OF OPERATIONS
|
Six Months Ended
|
||||||||
|
(Unaudited, amounts in thousands, except per share
data)
|
10/24/09
|
10/25/08
|
||||||
|
Sales
|
$ | 563,378 | $ | 653,600 | ||||
|
Cost
of sales
|
||||||||
|
Cost
of goods sold
|
386,511 | 478,685 | ||||||
|
Restructuring
|
1,399 | 8,032 | ||||||
|
Total
cost of sales
|
387,910 | 486,717 | ||||||
|
Gross
profit
|
175,468 | 166,883 | ||||||
|
Selling,
general and administrative
|
162,153 | 192,770 | ||||||
|
Write-down
of goodwill
|
— | 1,700 | ||||||
|
Restructuring
|
821 | 1,467 | ||||||
|
Operating
income (loss)
|
12,494 | (29,054 | ) | |||||
|
Interest
expense
|
1,810 | 3,146 | ||||||
|
Interest
income
|
475 | 1,562 | ||||||
|
Other
income (expense), net
|
945 | (541 | ) | |||||
|
Earnings
(loss) before income taxes
|
12,104 | (31,179 | ) | |||||
|
Income
tax expense
|
4,201 | 30,988 | ||||||
|
Net
income (loss)
|
7,903 | (62,167 | ) | |||||
|
Net
(income) attributable to noncontrolling interests
|
(13 | ) | (121 | ) | ||||
|
Net
income (loss) attributable to La-Z-Boy Incorporated
|
$ | 7,890 | $ | (62,288 | ) | |||
|
Basic
average shares
|
51,503 | 51,443 | ||||||
|
Basic
net income (loss) attributable to La-Z-Boy Incorporated per
share
|
$ | 0.15 | $ | (1.21 | ) | |||
|
Diluted
average shares
|
51,551 | 51,443 | ||||||
|
Diluted
net income (loss) attributable to La-Z-Boy Incorporated per
share
|
$ | 0.15 | $ | (1.21 | ) | |||
|
Dividends
paid per share
|
$ | — | $ | 0.08 | ||||
LA-Z-BOY
INCORPORATED
CONSOLIDATED
BALANCE SHEET
|
(Unaudited, amounts in
thousands)
|
10/24/09
|
4/25/09
|
||||||
|
Current
assets
|
||||||||
|
Cash
and equivalents
|
$ | 59,037 | $ | 17,364 | ||||
|
Restricted
cash
|
500 | 18,713 | ||||||
|
Receivables,
net of allowance of $25,195 at 10/24/09 and $28,385 at
4/25/09
|
162,878 | 147,858 | ||||||
|
Inventories,
net
|
138,946 | 140,178 | ||||||
|
Deferred
income taxes—current
|
795 | 795 | ||||||
|
Other
current assets
|
15,956 | 22,872 | ||||||
|
Total
current assets
|
378,112 | 347,780 | ||||||
|
Property,
plant and equipment, net
|
142,704 | 150,234 | ||||||
|
Trade
names
|
3,100 | 3,100 | ||||||
|
Other
long-term assets
|
48,183 | 51,431 | ||||||
|
Total
assets
|
$ | 572,099 | $ | 552,545 | ||||
|
Current
liabilities
|
||||||||
|
Current
portion of long-term debt
|
$ | 2,067 | $ | 8,724 | ||||
|
Accounts
payable
|
46,318 | 41,571 | ||||||
|
Accrued
expenses and other current liabilities
|
86,167 | 75,733 | ||||||
|
Total
current liabilities
|
134,552 | 126,028 | ||||||
|
Long-term
debt
|
46,911 | 52,148 | ||||||
|
Deferred
income taxes
|
724 | 724 | ||||||
|
Other
long-term liabilities
|
67,950 | 63,875 | ||||||
|
Contingencies
and commitments
|
— | — | ||||||
|
Equity
|
||||||||
|
La-Z-Boy
Incorporated shareholders’ equity:
|
||||||||
|
Common
shares, $1 par value
|
51,546 | 51,478 | ||||||
|
Capital
in excess of par value
|
199,585 | 205,945 | ||||||
|
Retained
earnings
|
87,342 | 70,769 | ||||||
|
Accumulated
other comprehensive loss
|
(20,955 | ) | (22,698 | ) | ||||
|
Total
La-Z-Boy Incorporated shareholders' equity
|
317,518 | 305,494 | ||||||
|
Noncontrolling
interests
|
4,444 | 4,276 | ||||||
|
Total
equity
|
321,962 | 309,770 | ||||||
|
Total
liabilities and equity
|
$ | 572,099 | $ | 552,545 | ||||
LA-Z-BOY
INCORPORATED
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
Second Quarter Ended
|
Six Months Ended
|
|||||||||||||||
|
(Unaudited, amounts in
thousands)
|
10/24/09
|
10/25/08
|
10/24/09
|
10/25/08
|
||||||||||||
|
Cash
flows from operating activities
|
||||||||||||||||
|
Net
income (loss)
|
$ | 5,707 | $ | (53,710 | ) | $ | 7,903 | $ | (62,167 | ) | ||||||
|
Adjustments
to reconcile net income (loss) to cash provided by (used for) operating
activities
|
||||||||||||||||
|
Gain
on sale of assets
|
(75 | ) | (604 | ) | (88 | ) | (2,670 | ) | ||||||||
|
Write-down
of long-lived assets
|
200 | — | 200 | — | ||||||||||||
|
Write-down
of goodwill
|
— | 408 | — | 1,700 | ||||||||||||
|
Restructuring
|
1,183 | 2,923 | 2,220 | 9,499 | ||||||||||||
|
Provision
for doubtful accounts
|
2,152 | 4,797 | 4,514 | 9,000 | ||||||||||||
|
Depreciation
and amortization
|
6,135 | 5,989 | 12,244 | 11,943 | ||||||||||||
|
Stock-based
compensation expense
|
1,621 | 986 | 2,628 | 1,855 | ||||||||||||
|
Change
in receivables
|
(26,484 | ) | (22,261 | ) | (17,586 | ) | (8,091 | ) | ||||||||
|
Change
in inventories
|
3,329 | (63 | ) | 1,231 | 10,843 | |||||||||||
|
Change
in other assets
|
11,106 | 2,272 | 6,439 | (529 | ) | |||||||||||
|
Change
in payables
|
7,073 | 8,375 | 4,747 | 1,927 | ||||||||||||
|
Change
in other liabilities
|
10,282 | (5,199 | ) | 11,553 | (26,117 | ) | ||||||||||
|
Change
in deferred taxes
|
(8 | ) | 41,677 | — | 42,838 | |||||||||||
|
Total
adjustments
|
16,514 | 39,300 | 28,102 | 52,198 | ||||||||||||
|
Net
cash provided by (used for) operating activities
|
22,221 | (14,410 | ) | 36,005 | (9,969 | ) | ||||||||||
|
Cash
flows from investing activities
|
||||||||||||||||
|
Proceeds
from disposals of assets
|
230 | 2,805 | 1,916 | 7,786 | ||||||||||||
|
Capital
expenditures
|
(1,340 | ) | (2,618 | ) | (2,779 | ) | (9,990 | ) | ||||||||
|
Purchases
of investments
|
(1,338 | ) | (3,516 | ) | (2,537 | ) | (8,965 | ) | ||||||||
|
Proceeds
from sales of investments
|
1,445 | 5,233 | 4,109 | 11,027 | ||||||||||||
|
Change
in restricted cash
|
— | (2,668 | ) | 17,007 | (2,956 | ) | ||||||||||
|
Change
in other long-term assets
|
29 | 158 | 14 | 229 | ||||||||||||
|
Net
cash provided by (used for) investing activities
|
(974 | ) | (606 | ) | 17,730 | (2,869 | ) | |||||||||
|
Cash
flows from financing activities
|
||||||||||||||||
|
Proceeds
from debt
|
10,213 | 24,831 | 20,673 | 39,466 | ||||||||||||
|
Payments
on debt
|
(10,408 | ) | (6,430 | ) | (32,567 | ) | (25,287 | ) | ||||||||
|
Dividends
paid
|
— | (2,074 | ) | — | (4,151 | ) | ||||||||||
|
Net
cash provided by (used for) financing activities
|
(195 | ) | 16,327 | (11,894 | ) | 10,028 | ||||||||||
|
Effect
of exchange rate changes on cash and equivalents
|
(348 | ) | (604 | ) | (168 | ) | (643 | ) | ||||||||
|
Change
in cash and equivalents
|
20,704 | 707 | 41,673 | (3,453 | ) | |||||||||||
|
Cash
and equivalents at beginning of period
|
38,333 | 10,317 | 17,364 | 14,477 | ||||||||||||
|
Cash
and equivalents at end of period
|
$ | 59,037 | $ | 11,024 | $ | 59,037 | $ | 11,024 | ||||||||
|
Cash
paid (net of refunds) during period – income taxes
|
$ | (13,348 | ) | $ | (719 | ) | $ | (13,082 | ) | $ | 204 | |||||
|
Cash
paid during period - interest
|
$ | 563 | $ | 1,287 | $ | 1,288 | $ | 2,413 | ||||||||
LA-Z-BOY
INCORPORATED
SEGMENT
INFORMATION
|
Second Quarter Ended
|
Six
Months Ended
|
|||||||||||||||
|
(Unaudited, amounts in
thousands)
|
10/24/09
(13 weeks)
|
10/25/08
(13 weeks)
|
10/24/09
(26 weeks)
|
10/25/08
(26 weeks)
|
||||||||||||
|
Sales
|
||||||||||||||||
|
Upholstery
Group
|
$ | 232,780 | $ | 247,934 | $ | 429,472 | $ | 485,052 | ||||||||
|
Casegoods
Group
|
37,302 | 48,473 | 73,167 | 96,594 | ||||||||||||
|
Retail
Group
|
38,014 | 39,484 | 73,976 | 81,911 | ||||||||||||
|
VIEs
|
12,248 | 11,793 | 23,987 | 25,871 | ||||||||||||
|
Other/eliminations
|
(19,637 | ) | (15,736 | ) | (37,224 | ) | (35,828 | ) | ||||||||
|
Consolidated
|
$ | 300,707 | $ | 331,948 | $ | 563,378 | $ | 653,600 | ||||||||
|
Operating
income (loss)
|
||||||||||||||||
|
Upholstery
Group
|
$ | 25,359 | $ | 8,338 | $ | 41,649 | $ | 18,194 | ||||||||
|
Casegoods
Group
|
(184 | ) | 755 | (305 | ) | 2,132 | ||||||||||
|
Retail
Group
|
(5,301 | ) | (10,391 | ) | (10,969 | ) | (20,401 | ) | ||||||||
|
VIEs
|
(402 | ) | (2,621 | ) | (137 | ) | (3,709 | ) | ||||||||
|
Corporate
and Other
|
(8,424 | ) | (8,722 | ) | (15,524 | ) | (14,071 | ) | ||||||||
|
Goodwill
write-down
|
— | (408 | ) | — | (1,700 | ) | ||||||||||
|
Restructuring
|
(1,183 | ) | (2,923 | ) | (2,220 | ) | (9,499 | ) | ||||||||
| $ | 9,865 | $ | (15,972 | ) | $ | 12,494 | $ | (29,054 | ) | |||||||